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GCP Student Living Acquires London PBSA

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

GCP Student Living PLC has entered into a forward purchase agreement for a purpose-built student accommodation development situated adjacent to Queen Mary University of London.

The development consists of 410 beds and is expected to become operational in time for the 2019-20 academic year.

Once delivered, the real estate investment trust will operate a portfolio of around 1,000 beds, all in the same locality as Queen Mary University.

GCP Student Living have also confirmed that its operational portfolio is fully occupied for the 2017-18 academic year.

The company said average rental growth for the 2017-18 academic year was 4.1%.

GCP Student was formed in 2013 and is a UK REIT traded on the LSE, which specialises in investing in student accommodation assets in and around London.